Bitcoin Forum

Jihan Wu, Bitmain's CEO, known for his support for BCash aka Bitcoin Cash (BCH), in support with Roger Ver, Craig Wright and co, is now up to half a billion losses after his bet. He traded a ton of his BTC to BCash, mistake possibly made due his delusions of grandeur, thinking he had to power to move the market into his agenda's. A big mistake that is going to force him to decide, now that panic is hitting the markets after BCash broke 0.01, he has to either:

1) Dump his position to save whatever he has left: Which will crush BCash even more
2) Continue with the farce trying to prop a failed currency

The current IPO shows desperation mode kicked in.

Read these tweets:

https://twitter.com/real_vijay/status/1028881826331340800

Let this be a testament of what happens when you try to overtake Bitcoin with your forkcoins.

It's so crazy and i remember when that guy was creating so many FUD about bitcoin and it looks like he was getting his karma and let me guess karma is real  lol
I think that it looks possible for roger has been loosing a lot of money at the same time too. Both have been betting on the shitcoin.  :'(

I hope that he finally learned a lesson but in a hard way.

And news like this pops.
Is the Bitmain IPO the Biggest Exit Scam Crypto Will Ever See? (https://cryptodisrupt.com/is-the-bitmain-ipo-the-biggest-exit-scam-crypto-will-ever-see/)

Wow thanks, very detailed.

I just found a very long article in medium:

https://medium.com/@btcWolves/a-bch-update-bitmain-bch-the-ipo-what-it-all-actually-means-354220b86ac3

A must read, very detailed, and has the Samsom Mow screenshot in chinese translated:

https://cdn-images-1.medium.com/max/1600/1*umcsYvQQx5-84-xffF2csA.jpeg

https://cdn-images-1.medium.com/max/1600/1*pOPvtz1OEpIxeK8MvMILwA.png

Bitmain is in very bad standing and their IPO is to try to dump bags on noobs. I suspect Roger Ver has fucked up big time too, and most people involved in BCash that claimed to sell big portions of his Bitcoin for BCash. The september stress test may be the final nail in the coffin for this altcoin.

We all did bad investments sometimes I guess. I don't think he risked more than he can afford.

Why he would think Bitcoin Cash would be a great coin is beyond me.  Bitcoin has the #1 title and its not going to be taken away by some lame a** fork.  This dude is crazy dropping that many Bitcoin into Bitcoin Cash. 

I wonder on how much he'd lost.

He's too quiet nowadays or I'm not just really following the trend for this altcoin.

Good. Him, Ver, and the rest of the BitcoinTrash scammers have spent months tricking newbies in to buying their scam coin thinking it is "the real Bitcoin" (such a ridiculous phrase) - they deserve to lose all of their stolen money.

Yes, I believe that also. He's a businessman, he knows what he's doing.
The losses will not make him dirt poor.
Unlike, most of us who are only small time investors.
We need to be very careful with our investments.
Otherwise, our hard-earned money is gone and we will be left nothing.

The crypto boom was actually for bitcoin but every altcoins benefited from it. Now the correction would be much higher in altcoins than on bitcoin.
Bitcoin is more stable at the time while other altcoins are decreasing is a greater pace. Bitcoin has already increased it's dominance over 53% and everyone is dumping alts for bitcoins.
On other hand Bitmain and other companies mostly are not just investors. They don't make emotional buy and sell. And if they hold a large amount of BCH that doesn't mean they don't have even a larger amount of BTC.

They are still trying it hard to establish Bitcoincash as the chinese bitcoin. And these chinese doesn't easily give up.
The crash is general trend of the all altcoin market and there's no need to relate it to the failure of Bitcoincash.
In my opinion, Bitmain and associates would work even harder to keep Bitcoincash survive and flourish.

It's interesting seeing hwo many people here actually seem to reasonably dislike bitcoin cash! (with all right in my opinion).
the only reasonable explanation is indeed that he thought he could move the market.. and make a quick profit short-term?
why would anyone otherwise do this? unless it's a reverse-move to kill bch  :-X

Sad to know this but these things happen in this crypto world. It is very risky and every move must be calculated. This only shows that Bitcoin will always be the number 1 digital currency but at least he give a try. ;)

i'm surprised there hasn't been more talk of this on here.

it's been an absolutely insane move on bitmain's part and totally craps all over their reputation as shrewd operators.

they mined bcash but didn't sell any of it. that means they swallowed all of the cost for that electricity, gear, premises and staff. they insisted on taking it for their miners but again didn't cash out any of it. and on top of that they used the bitcoin they have mined in the past to buy more bcash.

didn't anyone in the company pipe up at any point about this being a shitty idea?

how can they expect any investor to take a company seriously willing to burn untold amounts to service a grudge? at no point anywhere does any of it make any economic sense. it's pure brat.

I think such person as Wu will not be in losses anyway, they will still take their own from this market, even if "their" is not their at all.
We don't know the exact state of affairs, in my opinion Jihan had a ton of opportunities to cover such losses in past year and will have it in future. All we need to do is just keep attentive, it is not the end of this story

They thought that they could flip people's switch and brainwash them into thinking BCash is now Bitcoin. Just imagine all the BTC that Roger Ver has spent in buying Bitcoin.com, the @bitcoin twitter handle, the youtube channel, tons of advertisement... and that is just marketing. Then add in all the coins lost in trying to prop the market, losses in mining, losses in BCash accumulated by selling antminers... a total disaster.

I would dump my BCash if I had any.

Haha that's a funny and sad story. This a very huge amount of money that's involved here. Only God knows how he's living with such loss in his mind and also with the mind that he can even lose more if market don't recover. Why should he believe so much in the fork of an original coin. It's probably a bad decision.

mmmmyeah.  I have a hard time believing most of us risked that much money.  If you or me had that much skin in the game I don't believe either of us would have an easy time sleeping at night.

He saw potential improvements, plus he was anchoring the fork to the good name and reputation of bitcoin.  What could go wrong, right?  He has my respect for being forward thinking and betting hard on his beliefs, but I think the project is and always has been doomed to failure.  I could never see BCH garnering the support needed for a successful coin.

Are there any exchanges which allow short selling of BCH?  If so you could borrow it and then dump it on the market and potentially make a load of money.

I think many people had sleepless nights because of Jihan, maybe it is payback time.

https://drive.google.com/file/d/11IweEa_80ol4EjPmoRdIYTiBqYd_-y2T/view

a translation of the bitmain ipo investor deck here.

that does not look good for jihan wu. he really seems to believe in bitcoin cash and hopes that will make a big profit. but somehow it does not look like it. look forward to how it goes on with him.

https://twitter.com/btcking555/status/1031441891269783552 (https://twitter.com/btcking555/status/1031441891269783552)

"Breaking: Bitmain insider says Jihan and team just revised down year budget from revenue of $8 bln down to $3 bln"

If it is true, things are not going as it supposed to be, or maybe new arrangements are being made.

I'd like to see a source, but this is hilarious if true. "Things are not going as it supposed to be" is probably a bit of an understatement. They went all-in on BitcoinTrash, own the majority of the supply, the price is tanking and they are running out of newbies to unload this scam on to. Their own fault, and they will find no sympathy.